Ethereum and DeFi proponent Ryan Sean Adams has drawn attention to how high gas fees relative to the current Ether price could actually be a bullish sign. Citing this week’s Grayscale research paper ‘Valuing Ethereum’ the Bankless commentator claimed that Ethereum is “actually getting cheaper” from a price to sale ratio aspect. Here's what's crazy... From a P/S perspective ETH is actually getting *cheaper* pic.twitter.com/xyz9yuVCyZ — Ryan Sean Adams - rsa.eth (@RyanSAdams) February 4, 2021 A price to sales ratio (P/S) is usually calculated by taking a company's market capitalization and dividing it by revenue from sales. In this case, …

Guggenheim CIO Scott Minerd’s apparent shift from bullish to bearish and back again on either side of an SEC filing pertaining to a half billion dollar investment in BTC has been raising eyebrows on social media. The observation was made after approximately $500 million in BTC was moved from Coinbase into a series of private wallets on Jan. 31, which corresponds with an amount and effective date in a SEC filing by Guggenheim Funds Trust. I looked in to the 14K $BTC transaction from earlier Split over 8 nicely mixed wallets, with some outputs going to a bunch of other …

Bitcoin will continue its bullish push towards $50,000 as investors move funds out of gold and into the digital asset, according to Bloomberg senior commodity strategist Mike McGlone. By 2024, he believes its volatility could even reach gold levels, driving the price much further. In a report published on Wednesday, McGlone explained that BTC is showing strong support at $30,000, and “increasing institutional adoption and the potential for the benchmark to become a global reserve asset” could drive the price to $50,000 or higher. The report cited evidence of funds moving to Bitcoin from gold, highlighting accelerating flows into Grayscale …

Institutional crypto fund manager Grayscale Investments believes the introduction of the proposed EIP-1559 fee and burn mechanism could create “a positive feedback loop for Ether’s price” should network activity continue to increase on Ethereum. That’s because the proposal could result in Ether being burned at a rate exceeding the creation of new supply, significantly shifting the supply-demand dynamic underpinning the ETH markets. In Grayscale’s Feb. 4 report, Valuing Ethereum, the firm discussed the role Ether plays as a “consumable commodity” within the Ethereum ecosystem and considers the impact EIP-1559 could have on the network’s economics. EIP-1559 was proposed by Ethereum …

Strategists at JPMorgan Chase caused quite the stir in January when they informed clients that the approval of a Bitcoin (BTC) exchange-traded fund, or ETF, would be a short-term headwind for the digital asset. A United Kingdom-based cryptocurrency hedge fund manager is attempting to pour cold water on those claims, asserting that JPMorgan’s analysis isn’t based on quantitative analysis or in-depth research. The crux of JPMorgan’s argument is that a new institutional-grade ETF would introduce competition for Grayscale Bitcoin Trust, or GBTC, which has amassed over $22 billion in assets under management. The bank’s strategists say that the new ETF …

Bitcoin (BTC) may have traded sideways for much of last month thanks to Grayscale, but the status quo will soon change. According to data from on-chain analytics resource CryptoQuant, the price premium of the Grayscale Bitcoin Trust (GBTC) just hit its lowest since April 2019. Grayscale lock-up ends Wednesday Grayscale has made the headlines frequently this year thanks to record BTC purchases and record demand, but despite the inflows, BTC/USD has not continued to gain. As February begins, the Trust’s purchase premium is at around $6.50, having previously been as high as $40 over the course of its existence. This …

For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which …

Digital asset manager Grayscale is showing little signs of slowing down its Bitcoin accumulation, adding around 40,000 BTC to its stash since January 13. That's around $1.36 billion worth of Bitcoin in just 16 days. The dramatic accumulation was noted by Rafael Schultze-Kraft, the CTO of crypto analytics firm Glassnode, who noted that only 26,000 BTC have been mined into existence since the start of the year. That means Grayscale has purchased Bitcoin at a rate that is 54% faster than new BTC supply has been created during 2021 so far. However the vast majority was purchased in the last …

Kingfisher Capital, a North Carolina wealth manager, has scooped up 10,667 shares of the Grayscale Bitcoin Trust, according to a recent filing with the United States Securities and Exchange Commission, or SEC. The filing, which appeared on the SEC website on Thursday, highlights Kingfisher Capital’s growing diversification. The wealth manager has exposure to hundreds of companies and funds across various sectors, from banking to energy. Kingfisher reportedly had no exposure to Grayscale’s product as of November 2020, which means its purchase was recent, perhaps while Bitcoin (BTC) was at or near all-time highs. BTC institutional watch: In a filing today …

The largest Bitcoin (BTC) and cryptocurrency asset manager in the world, Grayscale, could be set to move into the decentralized finance space after documents for several new trusts were filed in the Delaware corporate registry. New trust filings for Aave (AAVE), Polkadot (DOT) and Cosmos (ATOM) were filed on Wednesday. On the same day, Grayscale also registered trusts for Cardano (ADA), as well as the privacy coin Monero (XMR). Grayscale has since stated that the filings are not indicative of a definitive product launch for the five coins mentioned, merely that the firm is laying the groundwork for possible future …

Technology researcher Kevin Rooke has been tracking the Bitcoin (BTC) holdings of public companies throughout the past two years. According to Rooke, public firms now hold over $3.6 billion worth of BTC. In 2019, public companies had merely 20,000 BTC on their books. This figure has increased to 105,837 BTC in 12 months. Rooke said: “Last year, public companies held fewer than 20,000 BTC on their balance sheets. Today, 19 public companies hold 105,837 BTC on their balance sheets, valued at over $3.6 billion.” Today, MicroStrategy is the biggest Bitcoin holder, with 70,784 BTC, and GalaxyDigital Holdings is a distant …

Bitcoin (BTC) fell to lows of $28,950 on Jan. 22 thanks to miners likely selling huge amounts of their holdings — but big buyers made sure that the dip was minimal. According to data from on-chain monitoring resource CryptoQuant, the past few days saw vast outflows from mining pools, which in turn corresponded to BTC/USD shedding 20% in a week. Daily outflows from miners associated with F2Pool hit 10,000 BTC It's important to note that F2Pool is not a miner, but rather a service provider that Bitcoin miners use to coalesce their resources. Beginning on Jan. 15, outflows from these …